Motor finance: Keeping affordability front and centre

The BVRLA recently met with the Financial Ombudsman Service who explained that affordability has become a common reason for complaints relating to consumer credit.

The Ombudsman mentioned that in some cases they were finding that proportionate affordability checks were not always taking place.

The Financial Conduct Authority (FCA) also mentioned affordability in its recent letter to Chief Executives of regulated firms.

The BVRLA is reminding members to check the association’s Affordability and pre-contract transparency information factsheet and webinar on affordability to make sure your firm is in line with FOS and the regulators expectations.